5 ms·

Getting 4 months severance is not getting shafted.

by X6S1x6Okd1st 7y ago

V-eHGsd_ 7y ago
this is an underrated comment. I've been through layoff(s); 1-2 months is pretty standard.
- aaronbrethorst 7y ago
  Were you prohibited from working for a competitor for twelve months after the layoff?
  - privateSFacct 7y ago
    Such restrictions are largely unenforceable in California
    - adamparsons 7y ago
      I don't believe that matters. The comparisons are not equal, even if it's potentially unenforceable.
    - aaronbrethorst 7y ago
      Some people are known to live and work outside of California.
CaliforniaKarl 7y ago
I would agree, except for the apparent extension of the noncompete beyond the severance period. It really doesn’t seem appropriate to me, especially given how many fields We was in.
smacktoward 7y ago
It is when the boss walks away from the same wreckage with a big enough payout to make all those severance payments out of his own pocket.
- X6S1x6Okd1st 7y ago
  If they got 6 months it wouldn't make what Adam got less absurd.
gman29 7y ago
Also the can not sue clause, is industry standard thought-out.. While Adam sounds like serious a piece of work, why on earth should a employee get the same package as the CEO?! 4 months is above and beyond..
sidlls 7y ago
I disagree, especially when compared to a self-dealing, unethical, borderline fraudulent CEO getting $1.7bn. There's no good reason for him to have received a penny, and if the board/VCs were okay with parting with $1.7bn, it should have been distributed to the employees who weren't involved in his shenanigans.
- manigandham 7y ago
  Layoff with 4 months is a great deal at any company. What Adam did is an entirely separate issue, and not comparable to the average employee. And it was really one main investor who controlled everything and had to part with the money, and not because they wanted to but because that was the price to get rid of Adam's control.
  - toomuchtodo 7y ago
    WeWork is likely worth closer to $0 than $8-10 billion (not just my opinion, Bill Ackman [1] is onboard with that valuation of both the equity and the debt). If SoftBank had a spine, they would've paid out reasonable severance to rank and file (which they have to do regardless), shown Neumann the door (and burn his equity down with no consulting fee to help pay off his credit lines to JPMorgan Chase, UBS Group and Credit Suisse Group), and spun the company down. You don't need to pay a fraud for control of a worthless company. [1] https://www.telegraph.co.uk/technology/2019/10/30/wework-could-worth-zero-says-veteran-investor-bill-ackman/ https://www.telegraph.co.uk/technology/2019/10/30/wework-cou...
    - manigandham 7y ago
      Well the severance is handled. As for the rest, what would shutting it down accomplish? Technically they haven't taken anything from anyone since they never went public so it's just an expensive portfolio company for Softbank and the other investors. If they feel they can turn it around then why not? Meanwhile all those people continue to have jobs.
hysan 7y ago
Yes and no. Without saying too much, I’ll say that you might be lacking information about the nature of the contracts that need to be signed and other internal dealings. Remember, this is coming from a Meetup employee. They were acquired and you don’t have all the information about what they might have gained/lost in that acquisition. I’m not making any judgement calls here. However, I would caution jumping to any conclusions.

Getting 4 months severance is not getting shafted.

V-eHGsd_ 7y ago

this is an underrated comment. I've been through layoff(s); 1-2 months is pretty standard.

aaronbrethorst 7y ago
Were you prohibited from working for a competitor for twelve months after the layoff?
- privateSFacct 7y ago
  Such restrictions are largely unenforceable in California
  - adamparsons 7y ago
    I don't believe that matters. The comparisons are not equal, even if it's potentially unenforceable.
  - aaronbrethorst 7y ago
    Some people are known to live and work outside of California.

CaliforniaKarl 7y ago

I would agree, except for the apparent extension of the noncompete beyond the severance period. It really doesn’t seem appropriate to me, especially given how many fields We was in.

smacktoward 7y ago

It is when the boss walks away from the same wreckage with a big enough payout to make all those severance payments out of his own pocket.

X6S1x6Okd1st 7y ago
If they got 6 months it wouldn't make what Adam got less absurd.

gman29 7y ago

Also the can not sue clause, is industry standard thought-out.. While Adam sounds like serious a piece of work, why on earth should a employee get the same package as the CEO?! 4 months is above and beyond..

sidlls 7y ago

I disagree, especially when compared to a self-dealing, unethical, borderline fraudulent CEO getting $1.7bn. There's no good reason for him to have received a penny, and if the board/VCs were okay with parting with $1.7bn, it should have been distributed to the employees who weren't involved in his shenanigans.

manigandham 7y ago
Layoff with 4 months is a great deal at any company. What Adam did is an entirely separate issue, and not comparable to the average employee. And it was really one main investor who controlled everything and had to part with the money, and not because they wanted to but because that was the price to get rid of Adam's control.
- toomuchtodo 7y ago
  WeWork is likely worth closer to $0 than $8-10 billion (not just my opinion, Bill Ackman [1] is onboard with that valuation of both the equity and the debt). If SoftBank had a spine, they would've paid out reasonable severance to rank and file (which they have to do regardless), shown Neumann the door (and burn his equity down with no consulting fee to help pay off his credit lines to JPMorgan Chase, UBS Group and Credit Suisse Group), and spun the company down. You don't need to pay a fraud for control of a worthless company. [1] https://www.telegraph.co.uk/technology/2019/10/30/wework-could-worth-zero-says-veteran-investor-bill-ackman/ https://www.telegraph.co.uk/technology/2019/10/30/wework-cou...
  - manigandham 7y ago
    Well the severance is handled. As for the rest, what would shutting it down accomplish? Technically they haven't taken anything from anyone since they never went public so it's just an expensive portfolio company for Softbank and the other investors. If they feel they can turn it around then why not? Meanwhile all those people continue to have jobs.

hysan 7y ago

Yes and no. Without saying too much, I’ll say that you might be lacking information about the nature of the contracts that need to be signed and other internal dealings. Remember, this is coming from a Meetup employee. They were acquired and you don’t have all the information about what they might have gained/lost in that acquisition. I’m not making any judgement calls here. However, I would caution jumping to any conclusions.